Federal Reserve lawyer can't remember talking about gold swaps

Section: |

11:38p ET Sunday, July 22, 2001

Dear Friend of GATA and Gold:

Our letter-writing campaign to Congress has gotten some
interesting results -- another letter of explanation from
Federal Reserve Chairman Alan Greenspan and, more
interesting still, a memorandum from one of the Fed's
top lawyers asserting that he can't remember anything

Top Fed Lawyer Says '95 FOMC Transcript Misquoted Him. - By Joseph Rebello - Dow Jones Newswires

Section:

A top lawyer at the Federal Reserve has disavowed remarks attributed to him about the U.S. Treasury's use of gold swaps in foreign economic bailouts and currency-stabilization efforts, saying he was misquoted by the central bank's transcribers.

Virgil Mattingly, general counsel to the Federal Open Market Committee, wrote Fed Chairman Alan Greenspan last month that he couldn't recall making the remarks attributed to him in transcripts of a January 1995 FOMC meeting. Those remarks were seized upon by the Gold Anti-Trust Action Committee, a private group that contends the Fed and the Treasury secretly have been selling gold to suppress prices.

Italian Gold Coverage - Borsa & Finanza, Italy

Section:

Italian magazine article warns of
gold price manipulation

From Borsa & Finanza, Italy
May 2001

The U.S. Treasury is accused of manipulating the free
market. Risks for the international bourses.

By Guido Bellosta

A trial that starts in Boston affects the interest of
hundreds of thousand of savers, financiers, and miners.
On the bench is the Treasury Department of the United

Fury over the great gold sale - Daily Mail

Section:

by Alex Brummer, City Editor, Daily Mail

THE GOVERNMENT plans to press ahead and complete its
sale of 60% of Britain's gold reserves by the end of
the year despite demands from senior Tories that the
auction be halted.

The price of bullion soared to around £204 an ounce
($300) on global markets this week because investors tend to
turn to gold at times of turbulence in the world
economy, seeing it as a hedge against future inflation.

GATA's Conspiracy Theory - Business Day

Section:

VANTAGE POINT
by ILJA GRAULICH

THEY are the $289 Club; power brokers who held the gold price to exactly $289/oz on the last trading days of 1997, 1998 and 1999.

So says the Gold Anti-Trust Action Committee (Gata). (For the record, according to the London Bullion Market Association, the prices were $289, $287 and $290 respectively).

For some, Gata members are heroes, fighting for a genuine cause —freeing the gold price from alleged manipulation. For others, they are a bunch of lunatics — entertaining, but lunatics nevertheless.

US Conspiracy Keeps Gold Price Low - Kwana News

Section:

South Africa has lost billions because of price rigging

Hilda Grobler

There is an international conspiracy to keep the price of gold below its equilibrium price. At present gold sells at $267,l0 (R2136,80) a troy ounce when it should, in fact, sell at around 5600,00 (R4 800). And they have the proof to back up this claim, said Bill Murphy, chairman of the Gold Anti-Trust Action Committee (GATA), at a summit in Durban this week.

Central Banks Under Suspicion - Business Report

Section:

BULLION central banks under suspicion
Gold antitrust guru seeks African countries' support

INGRID SALGADO
KWAZULU NATAL EDITOR

Durban - Africa's gold producing countries were urged yesterday to back plans to get top bullion banks and US Federal Reserve chairman Alan Greenspan into the witness stand of a US court, to answer claims of gold price manipulation.

Audacious Quest for Gold - Daily News, Durban, S.A.

Section:

BULLION PRICE DELIBERATELY BEING SUPPRESSED, CLAIMS GATA

A quixotic group of Americans is in Durban alleging a financial conspiracy it says is blighting the economies of gold producing countries, writes Des Parker.

The Gold Anti Trust Action committee hit town this week for the second time in 2001, alleging a widespread campaign to suppress "evidence" of a campaign to depress the gold price and promising bullion will soon bounce back.

Adam Aljewicz - Dow Jones Newswires

Section:

By Adam Aljewicz
Dow Jones Newswires
May 9, 2001

JOHANNESBURG -- It's around two years since the U.S.-
based Gold Antitrust Action Committee came out and
accused some of Wall Street's finest of conspiring with
the Bank for International Settlements and U.S.
government and Federal Reserve officials to depress the
price of gold.

In those two years GATA has been vilified by market

Proof of Fed's gold-market intervention?

Section:

Analyst claims central bank's meeting minutes belie denials

By Jon Dougherty
© 2001 WorldNetDaily.com

A gold market analyst who has long suggested the federal government was involved in manipulating the price of gold says he discovered proof of his allegations in six-year-old Federal Reserve Board meeting minutes.

The charges, first made by the Gold Anti-Trust Action Committee in 1999, are allegedly borne out in Federal Reserve Board meeting minutes dated Jan. 31, 1995, which were discovered by GATA analyst Reginald Howe, who has filed a lawsuit against the Fed, the U.S. Department of the Treasury, the Bank for International Settlements and "various investment houses."